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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: upanddown who wrote (1751)	1/11/1999 4:01:00 PM
From: Colin Cody	Respond to of 5810

John, Shorting and IRAs are not my area. My guess/gut feeling is that unless you had a wash sale issue here, that you would be allowed the trading losses on your 1040 and the IRA paper gain (or actual gain) would be tax-free. You bring up another point about people who trade in their regular account AND their IRA account. Active trading creates losses at least once in a while. If you are trading the same stocks in both accounts you risk locking wash sales losses inside the IRA where they do not get a current or near-term deduction. Colin